Alabama

Burton Property Group sells Walmart Supercenter for $17 million

Wamart Supercenter on Schillinger Road in Mobile, Ala. (Press-Register file photo)Burton Property Group LLC in Mobile today said it has sold the Walmart Supercenter in Mobile, Ala. (Press-Register file photo)

MOBILE, Alabama -- Burton Property Group LLC in Mobile today said it has sold the Walmart Supercenter at Airport Boulevard and Schillinger Road in a $17 million deal.

Burton Property Group sold the 200,084-square-foot supercenter, located in the Schillinger Towne Centre, to The Triple Net Group LLC in New York.

"This sale was a strategic opportunity for our company," Philip Burton, president and CEO of Burton Property Group, said in a statement. "We intend to redeploy the capital into new investments in south Alabama in an effort aimed at continued growth of our retail portfolio."

In September, Burton Property Group paid $33.25 million for Westwood Plaza, anchored by Hobby Lobby and Office Max, and the adjacent Schillinger Towne Centre. The real estate company also owns Pinebrook Shopping Center on Airport Boulevard and McGregor Avenue.